The Orange County real estate market ended 2010 with a drop in sales volume and housing prices. We saw the third lowest sales year since 1988 — not great news for an already struggling economy. When the demand for sales falls, home prices drop; which works out well for buyers with great credit and cash to buy, but not as well for home sellers.
In 2011, we are seeing record low interest rates begin to rise. Additionally, there is no First Time Home Buyers Program, making it more difficult for individuals and / or families to purchase a home. However, with over 32% of California homeowners ‘upside down’ on their properties, this makes short sales and foreclosures plentiful — information that every savvy real estate investor wants to hear.
So while borrowing may become more difficult and the economy is still sluggish, there are great opportunities to invest in real estate throughout Orange County. An experienced real estate agent like Cheryl Marquis, who has seen the OC real estate market rise and fall, can help you find the perfect home to invest in, whether you intend to settle your family in it or flip it.